2023 – The Crystal Ball is just about worn out….!
Following an extended period of unprecedented trading conditions followed by a ‘quiet patch’, the question we’ve been regularly and consistently asked over the past 12months has been, ‘what comes next?’.
As most developers continue to play delivery catch up, constructing, titling and thankfully settling the bag of sales they netted through 2020/21, the sales emphasis has been focussed largely on tomorrow rather than today. Whilst the market ticks along, albeit a little slower than most would like, the question is starting to shift away from ‘how bad could it get’, back to a more optimistic ‘when do we need to be ready for the next upswing’?
Protecting existing sales has been top of mind for most, with little price movement occurring on pricelists despite slowing volumes and limited enquiry. As we start to catch glimpse of the spring selling season, launch plans for upcoming projects are quickly being dusted off and many of our partners are preparing to boldly head into the unknown with ambitious sales targets and more aggressive marketing programs in the second half of 2023.
If activity breeds activity, then we could be set for some improvement in the coming 6months as we all gear up our promotional bandwagons. However, our line of sight is also firmly fixed on the macro influences of population growth, lending conditions and supply constraints all adding up to support a positive outlook through 2024.
So, what comes next? Sorry, the Crystal Ball says check back in December!